Senate Democrats blocked a bill that would have banned members of Congress from trading individual stocks, after Republicans attached a provision requiring photo identification for federal elections.
The Senate voted 53-47 on Wednesday to advance the Stop Insider Trading Act, falling short of the 60 votes needed. Every Republican backed the measure; Democrats opposed it, calling the voter-ID add-on a poison pill that killed a reform with broad public support.
The bill would have barred members of Congress, their spouses and dependent children from buying individual shares in publicly traded companies and required public disclosure seven days before selling. The House passed its version 232-198 in July with 13 Democrats voting yes, though House Administration Committee Democrats argued the Senate version did not go far enough.
Republican Senator Pete Ricketts of Nebraska, who led the Senate effort, accused Democrats of blocking a reform the public overwhelmingly supports. With November's midterms weeks away, the failed vote has become a fresh flashpoint in the long-running fight over congressional self-dealing.
